- Morgan Stanley Investment Management and Global Student Accommodation (GSA) acquired an eight-property, 6,200-unit student housing portfolio in a deal exceeding $1B.
- The purchase marks the JV’s first entry into Pennsylvania, Georgia, and Virginia. It also expands operations in Florida, Texas, Oregon, and North Carolina.
- The portfolio serves major universities and is nearly fully occupied. The deal boosts the JV’s holdings to nearly 24,000 beds across 36 cities in 23 states.
A Big Move in Student Housing
According to Globe St, Morgan Stanley Investment Management and GSA are scaling up their US student housing presence. In one of the largest global transactions this year, the partners have acquired a portfolio of 6,200 units for more than $1B.
New Markets, Broader Reach
Notably, the deal marks their debut in Pennsylvania, Georgia, and Virginia. At the same time, it strengthens their footprint in key states like Florida, Texas, Oregon, and North Carolina.
The eight acquired properties serve top-tier universities. These include the University of Florida, Texas A&M, Penn State, and the University of Virginia. Most of the assets are close to full occupancy.
New Management and Rebranding
As part of the acquisition, student housing operator Yugo will manage and rebrand the properties. This ensures a consistent tenant experience while aligning with the JV’s broader strategy.
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A Strategic Fit
“This student housing portfolio fully aligns with our strategy to acquire high-quality, resilient assets in prime locations,” said Will Milam, head of US investments at Morgan Stanley Real Estate Investing.
He added that the partnership with GSA helps strengthen their position in top university markets. It also supports their goal to meet growing demand in the sector.
Student Housing Bounces Back
The student housing market, after a slow start in 2025, is now gaining momentum. By the end of August, 96.5% of student housing beds were leased for the fall semester. According to RealPage, this is the strongest leasing rate in over a decade.
Looking Ahead
With this deal, the JV now controls nearly 24,000 beds in 23 states. Morgan Stanley, which managed $1.8 trillion in assets as of Q3, is continuing to invest in real estate. Besides student housing, its portfolio includes office, retail, industrial, and residential sectors.
This acquisition underscores the growing appeal of this type of housing for institutional investors. Given market demand, more deals of this scale may soon follow.
